Exar Tumbles 9.8% on Estimate Cut

 

Exar(EXAR Quote) was down 9.8% in early trading.

Prudential Securities cut its 2001 earnings estimate on the comunications chip company to 66 cents a share from 74 cents and lowered its 2002 forecast to 67 cents from 90 cents.

Prudential also cut its price target to $27 from $40.

On Tuesday, Exar lowered its fourth-quarter guidance.

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